Afonso, Gara; Kovner, Anna; Schoar, Antoinette - Federal Reserve Bank of New York - 2013
market: Some banks rely on spot transactions, while most form stable, concentrated borrowing relationships to hedge liquidity … liquidity supply (days with low GSE lending) lead to marketwide drops in liquidity and a rise in interest rates. However …, borrowers with concentrated lenders are almost completely insulated from the shocks, while liquidity transmission affects the …